PI Industries is trading higher by 3% at Rs 148, extending its 11% rally in past six trading sessions after the company increased the limit on the stake that foreign institutional investors (FIIs) can hold in the company to 40% from 24% of the paid up capital.
The stock opened at Rs 145 and hit a record high of Rs 149 on BSE. A combined 118,000 shares have change hands on the counter so far against an average sub 75,000 shares that were traded daily in past two weeks on BSE and NSE.
The same was duly approved by shareholders in its last annual general meeting. The Reserve Bank of India has issued a letter dated September 13 informing custodian banks of the higher FII limit in the company, PI Industries said in a regulatory filing.
The stock opened at Rs 145 and hit a record high of Rs 149 on BSE. A combined 118,000 shares have change hands on the counter so far against an average sub 75,000 shares that were traded daily in past two weeks on BSE and NSE.
The same was duly approved by shareholders in its last annual general meeting. The Reserve Bank of India has issued a letter dated September 13 informing custodian banks of the higher FII limit in the company, PI Industries said in a regulatory filing.